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Apr 1, 2017
04/17
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trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade deficits has been framed by the trump administration by their assertion that trade deficits are very important and damaging to the u.s. economy because they indicate jobs that have been lost by overseas countries, foreign countries, largely because of unfair trade practices. we want to look into this issue of the trade deficit and how it relates to trade policy, how it ultimately relates to other factors. as our speakers present their initial comments, i ask them to consider three questions. one, what are the
trade deficit. fyi, our largest merchandise trade deficit for 2016 were with china, japan, germany, mexico, ireland, vietnam, and italy. if you want to do anything about the trade deficit, cut back on your pasta intake. [laughter] our largest merchandise export markets for canada mexico china japan u.k. germany and korea. love the countries with whom we have the largest merchandise trade deficits are also countries that are our largest merchandise export markets. the current debate about trade...
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Apr 13, 2017
04/17
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KGO
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deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit.
deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit. deficit....
WHUT (Howard University Television)
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Nov 4, 2009
11/09
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WHUT
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deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accnted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this administration in favor of extending unemployment benefits? >> there are a whole series of questions that we are facing as we come to the end of the year, including unemployment benefits. i expect there will be some extension of unemployment benefits. >> rose: because people like arianna huffington are going around saying to me and others that the problem is with the administration is larry summers is against extending unemployment benefits. >> i don't want to speak about the views of individual members of the economic or other parts of the administration, but i don't think that'
deficit that i was talking about. it also adds $3.5 trillion to the deficit. finally, the recovery act accounts for less than 10% of that total. so basically, the $9 trillion projected deficit can be entirely accnted for by the failure to pay for policies in the past, the economic downturn, and the steps we've had to take to combat that downturn. which is not to say action isn't necessary, it absolutely is. but it's important to realize we didn't get here by accident. >> rose: is this...
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Sep 16, 2017
09/17
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CSPAN3
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the trade deficit and the current account deficit. when i say trade deficit i mean current account deficit. it's just a convenience. the trade deficit now 4% of u.s. gp has caused us to lose a million to 2 million jobs. it's a non-trifl number. it's a large number. i come from northern new england when i drive through towns i could cry. to see the devastation in the east communities. so that's my first idea. and i'll come back to that. the second idea gets what's caused the trade deficit. so we come to the savings investment balance that both jeff and ann. in here i'll introduce the distinction between crowding out and crowding in. if i listened to my colleagues on this panel, i hear there's a shortage of u.s. savings. maybe. maybe there's an excess supply of foreign savings. maybe the foreign savings is coming into the united states and driving up the price of u.s. dollar and having an impact on savings rate. so that is the crowding out, crowding in distinction. and the third idea o that i want to get to, it's involved in policy. and
the trade deficit and the current account deficit. when i say trade deficit i mean current account deficit. it's just a convenience. the trade deficit now 4% of u.s. gp has caused us to lose a million to 2 million jobs. it's a non-trifl number. it's a large number. i come from northern new england when i drive through towns i could cry. to see the devastation in the east communities. so that's my first idea. and i'll come back to that. the second idea gets what's caused the trade deficit. so we...
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Jan 28, 2019
01/19
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CSPAN
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eye 25
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right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. medicine a concern in terms of risk going forward. that is a punchline that is important. the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that is 30 years away. addresslike you to those arguments you brought up earlier. thingsall: one of the you can do and one of the things is wee have in our report have some what if's. what if interest rates were lower than we project, what if they are higher than we project. if you look at something like what the effect of lower interest rates, what kind of effect that would have, you still have significant deficits and debt going forward. it makes a difference and improves things. it doesn't improve all that much. that is one of the points i would like to make. it is true that interest r
right now we have no deficit and we have no recession. the deficits are very high. if we go through a business cycle and we are starting at this level, the business cycle would lead to very large deficits. much larger than we are seeing now. medicine a concern in terms of risk going forward. that is a punchline that is important. the argument is more that -- interest rates may rise in the future but they stay relatively stable so why should we change policy based on that projection that is 30...
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Mar 6, 2017
03/17
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oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the government data as increased u.s. exports, a decreased trade deficit and an increase in u.s.. gdp growth. at the same time, if the u.s. uses its leverage as the world's largest market to persuade india to reduce its no to have yously high -- no record yously -- notoriously high tariffs and japan, we will sure hi sell more washington apples, florida origin toes, california wine and wisconsin cheese and harley davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase and real wage levels rise from seattle and orlando to
oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the...
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Oct 16, 2017
10/17
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CSPAN3
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trade deficit. following their presentations and rebuttals, panelists answered questions from the audience. >> there we go. we'll start again. good morning, ladies and gentlemen, i'm glad you're with us. i'm alex pollock from the r street institute. it's a pleasure for us to welcome you to this timely conference on trade deficits and the trump administration. it goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign exchanges, whether the flow of gold in old days or reserves nominated in fiat currencies now have a long and controversial history in economics and in politics. these debates feature the famous and essential contrast between the interests of producers on one side and those of consumers on the other, abiding asymmetry and pressures for adjustment between countries with persistent deficits like the u.s. versus those with persistent surplus, germany for example. naturally throughout this is the desire of politicians to
trade deficit. following their presentations and rebuttals, panelists answered questions from the audience. >> there we go. we'll start again. good morning, ladies and gentlemen, i'm glad you're with us. i'm alex pollock from the r street institute. it's a pleasure for us to welcome you to this timely conference on trade deficits and the trump administration. it goes without saying debates about trade, tariffs, other barriers to trade, balance of trade and payments and shifts in foreign...
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Jul 9, 2009
07/09
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WETA
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. >> rose: give me a short primer on deficits. >> well, firstf all, we've never seen deficits of this magnitude either in absote terms-- just the dollaramount ofhe dicit-- or in relative term the size of the deficit to our econy and the growing relationsh of the deb as it grows virtue of thes deficits. never seen theseefore in your lifetime omy lifetime. so for example the deficit for e year we're now in is going to be about a trillion nine. a trillion nine. >> rose:over 2009 the deficit will be $1.9 illion? >> that'right. and keep in mind, only a few years o, four orive years ago, the ente budget wasn't $1.9 tllion. it would he been,ay, five yearago or six years ago. the deficit in relati to the size of our economy is going to 13% this year. it not goingto... it's going toveragepproximately 5% for the next ten years. and, b the way,e've only h deficitss of that magnitude, the 5%, twi since 1946. now, the debt, accordg, for example, to goldman sachs, is going to rch at the endf this ten-year period about 85% of the size of our economy. now, the last time that happened was at the set o
. >> rose: give me a short primer on deficits. >> well, firstf all, we've never seen deficits of this magnitude either in absote terms-- just the dollaramount ofhe dicit-- or in relative term the size of the deficit to our econy and the growing relationsh of the deb as it grows virtue of thes deficits. never seen theseefore in your lifetime omy lifetime. so for example the deficit for e year we're now in is going to be about a trillion nine. a trillion nine. >> rose:over 2009...
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Sep 15, 2017
09/17
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CSPAN
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eye 46
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trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade deficit? we come to the savings and deficit in balance. i will introduce the distinction between crowding out and crowding in. if i listened to my colleagues panel, there is a shortage of u.s. savings maybe. maybe there is an excess supply of foreign savings and maybe it is coming into the u.s. and driving up the price of the u.s. dollar and having an impact on the savings rate. out-is the crowding crowding in distinction. involved idea, getting in policies and how it gets involved in the exchange rate system. we have an exchange-rate system s
trade deficit and the current account deficit. when i say trade deficit i mean the current account deficit. it is a convenience. the trade deficit, 4% of u.s. ap, and has caused us to lose million to 2 million jobs. it is a nontrivial number. it is a large number. i come from northern new england and when i drive through towns like claremont, i could cry to see the devastation in the east communities. that is my first idea. i will come back to that. the second idea, what has caused the trade...
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Oct 7, 2013
10/13
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LINKTV
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eye 66
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so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org.
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Feb 18, 2012
02/12
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CSPAN3
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so the question is not whether to reduce the deficit, the question is how do we reduce the deficit? and the president's approach is the balanced approach. it takes the frame work we saw from the bipartisan commission and it adopts the very cuts that we made in discretionary spending in earlier months. it cuts another $600 billion in mandatory spending. and it does eliminate a lot of the special interest tax breaks and asks the wealthiest of americans to go back to paying the same top rate that they were paying during the clinton administration, a time when the economy was booming. and that balance is what our republican colleagues have objected to. this is a question of choices. if last year's republican budget is a sign of where we'll head this year, they take a lopsided approach, further slashing investments in education, in science and research and infrastructure, which are critical drivers of the economy. and they do slash the social safety net in that they cut $700 billion from medicaid that helps people like the vel nurable seniors in nursing homes, and they ask seniors on med
so the question is not whether to reduce the deficit, the question is how do we reduce the deficit? and the president's approach is the balanced approach. it takes the frame work we saw from the bipartisan commission and it adopts the very cuts that we made in discretionary spending in earlier months. it cuts another $600 billion in mandatory spending. and it does eliminate a lot of the special interest tax breaks and asks the wealthiest of americans to go back to paying the same top rate that...
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Mar 10, 2014
03/14
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LINKTV
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eye 412
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so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. annenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. hasyou look healthyd, "you and you feel fine, health"? but that may not be the full picture. colorectal cancer is the number two cancer killer. it doesn't always cause symptoms, but it can be prevented. get screened. make sure you are the picture of health.
so, were the deficits hurting us? not always. had we learned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. annenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. hasyou look healthyd, "you and you feel fine, health"? but that may not be the full picture. colorectal cancer is the number two cancer killer. it doesn't always cause...
WHUT (Howard University Television)
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198
Jul 9, 2009
07/09
by
WHUT
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eye 198
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these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13% this year. it's not going to... it's going to average approximately 5% for the next ten years. and, by the way, we've only had deficitss of that magnitude, the 5%, twice since 1946. now, the debt, according, for example, to goldman sachs, is going to reach at the end of this ten-year period about 85% of the size of our economy. now, the last time that happened was at the onset of world war ii 1942, 1943. we haven't had anything remotely like that, since. the united kingdom, the u.k., is also facing an outlook like that and ha
these deficits. never seen these before in your lifetime or my lifetime. so for example the deficit for the year we're now in is going to be about a trillion nine. a trillion nine. >> rose: over 2009 the deficit will be $1.9 trillion? >> that's right. and keep in mind, only a few years ago, four or five years ago, the entire budget wasn't $1.9 trillion. it would have been, say, five years ago or six years ago. the deficit in relation to the size of our economy is going to be 13%...
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Apr 3, 2010
04/10
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CSPAN
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deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we went to conservative economic philosophy. it has been failing us. they say we should cut spending and not to anything about taxes. we have a business sector here who really has not been contributing their part to society for the past 30 years. i would like to see what their answers are to their to -- to my comments. host: if you are blaming future deficit on debt on the conservative economic philosophy, the increase in spending going forward is driven almost entirely by social security and medicare and medicaid. without those programs, the government budget would be roughly
deficit projections, $132 billion will be added to the deficit this fiscal year. total by the end of the fiscal year will be $1.50 trillion or 10.3% of gdp. we will continue our discussion of that. if you want to get involved in our conversation, the numbers -- it and also send us a message our first call comes from coral on the democrat line. i think our problem, as a country, we have to recognize the fact that over the last 30 years or so, we would to a conservative economic philosophy. -- we...
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May 9, 2023
05/23
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CSPAN3
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the deficit between 21, 2131 -- 2031, 10 year window, the deficit will be six times higher than what was projected when biden took office. his spending priorities are on track to put even more on our already maxed out credit card. his vision for the future is the continuation of his it -- his administrative assault on the health of the nation during times of economic uncertainty. annual deficits were always expected to decline from pandemic levels because we put emergency programs in place. in those emergency programs were set to expire. in other words when you put something in because we have a national catastrophe of a pandemic, those programs would not be in place because of -- were it not for pandemic, when the programs go away you should get back to the level of expenditure pre-pandemic plus inflation plus increase in population. but the leadership here in congress has recklessly accelerated the return to multitrillion dollar deficits through legislation and even executive actions. in 2021, despite warnings for the former obama economic advisor, democrats -- abused the reconcili
the deficit between 21, 2131 -- 2031, 10 year window, the deficit will be six times higher than what was projected when biden took office. his spending priorities are on track to put even more on our already maxed out credit card. his vision for the future is the continuation of his it -- his administrative assault on the health of the nation during times of economic uncertainty. annual deficits were always expected to decline from pandemic levels because we put emergency programs in place. in...
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Nov 3, 2019
11/19
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CSPAN
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eye 30
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yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the relationship between federal spending and revenue in the future. two thirds of the budget -- medicare, medicaid, social security. guest: within those, there has been a change over the years. if you looked at the federal budget in the 1960's and 1970's, defense was a greater portion of the budget that it was now. we have seen a growth of the entitlement programs, especially social security and medicare, driven by demographic change and changes to the programs. the federal government now is something like a provider of benefits to the elderly that
yes we have at the same time growing deficits. we have not use this moment to try to get federal spending under control or to get reform of our entitlement system that could allow us to have better control over the growth of deficit and debt in the future. that means we are not prepared for a downturn, for the numbers he is describing to look worse, which they are going to. this would be a time to take some responsible action, to gradually reform our entitlement system and think about the...
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Apr 4, 2017
04/17
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CSPAN2
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eye 28
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deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade deficits go with less employment and less economic growth in the united states. the trade deficit figures in the midst of an economic boom, what does history tell us about relationship between trade deficits in economic growth, trade deficits and overall employment? >> i tweeted a picture of us growth, and the correlation is close to 0 and not significant and exactly for the reasons stated, in really good times, high high demand and import a lot, might be importing intermediates going to the production, and tr
deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade...
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37
Jan 29, 2019
01/19
by
CSPAN3
tv
eye 37
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right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why shod we charge policy based on projections that are 30 years away. i'd like dwrou todo a wrestle w that argument that you brought up earlier. >> sure. well, one of the things that you can do and one of the things that we've got in our report is we have some what ifs. if interest rates were lower, higher than we project. if you look at something like what the effect of lower interest ratesnc that would hav you still have really significant deficits and debt going forward. itit makes a difference and things, but it did you want improve them all that much. so that's one of the points i'd li
right now we have no deficit and we have no recession and thecli deficits are very high. if we go through a business cycle, then it would lead to very large g deficits, much larr than we're seeing now. that's a concern in terms of risk going forward. that's one of the punch lines that's really important. >> one of the things that they arehe arguing is more that economic growth would be slow and tepid and you have interest rates may rise in the the future,stayed relatively wostable, so why...
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113
Jan 29, 2011
01/11
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CSPAN2
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eye 113
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this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and the limited time i have today i will focus on three items. the first item i am going to focus on is the foreclosure crisis. i am amazed by the idea that somehow the u.s. economy is going to recover when the problem that was the epicenter of the crisis in the beginning continues. for most of 2010 foreclosure filings exceeded $300,000 per month, dramatic reduction in bank repossession at the end of the year not due to the number of families unable to pay their mortgages but rather the legal problems in the banking system. more problems be setting the financial system because we didn't resolve the
this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and...
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Mar 2, 2011
03/11
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CSPAN
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eye 135
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you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back that time and yield two minutes, three minutes to the gentleman from georgia, a member of our committee, mr. graves. the speaker pro tempore: the gentleman from georgia is recognized for three minutes. mr. graves: thank you, madam speaker. and i appreciate the chairman for clarifying some things that we just heard because i was at a loss, thinking i was going to need much more than three minutes to, you know, rewrite some of what we just heard there and correct the historical account of the last several years. we heard the la. ing and wailing today from -- lamenting and wailing today of the other side o
you ran the deficit up, the annual deficit, now two in a row, trillion-dollar-plus deficits a year, record breaking, we've never had that before, you've ran the debt up to now we're bouncing against the ceiling and the congress will be called upon to increase the debt ceiling. there were no appropriations bills passed last year at all, thus that's why we're here today. so let's talk about the spending spree that we're trying to slow down and stop, madam speaker. with this bill. i yield back...
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0.0
May 1, 2023
05/23
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CSPAN2
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if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from some republicans and mr. trump who i'm not in favor of increased the deficit tremendously during his president and reduced deficit despite the war in ukraine and despite covid, despite a tremendous thing going on of things in the world. and take part in it and you need to support ukraine and need to do anything that we can at this point for democracy under assault and it was under assault on january 6, there's no disputing that. tremendous fears related to i don't see that happens but should that occur, even if he should run i think we're going to have major problems regarding election denial again and was p
if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from...
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0.0
Oct 21, 2022
10/22
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CSPAN
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for americans the deficit could not be clearer. we do not have to take my word for it, what they are for. they have laid out a plan, laid out very clearly. congressional republicans say -- and you all know this -- their number one priority is to repeal the inflation reduction act. here is what that means. if they get their way, the power we just gave medicare to negotiate lower prescription drugs goes away. gone. if they get their way the $2000 cap on prescription drug costs, the maximum any senior would have to pay, goes away. gone. the $35 a month cap on insulin which takes effect next year, folks on medicare, gone. the savings in health care premiums of $800 a year under the affordable care act, gone. and, of course, they are still determined to repeal the affordable care act, which means an end to the protections for tens of millions of people who cannot afford health insurance because they have a pre-existing condition. let's remember that. we are talking about millions of people who will lose their health insurance because th
for americans the deficit could not be clearer. we do not have to take my word for it, what they are for. they have laid out a plan, laid out very clearly. congressional republicans say -- and you all know this -- their number one priority is to repeal the inflation reduction act. here is what that means. if they get their way, the power we just gave medicare to negotiate lower prescription drugs goes away. gone. if they get their way the $2000 cap on prescription drug costs, the maximum any...
SFGTV: San Francisco Government Television
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Feb 13, 2013
02/13
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SFGTV
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we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only about $19 million. so, department solutionseses will always be a part of how the city balances its budget, but it certainly will not be the only way that we balance our budget. these are just more policy oriented instructions focusing on core functions, minimizing surface impacts. one of the things we're really interested in looking at is how are departments utilizing data to find opportunities for greater efficiency and to democrat on stray the effectiveness of their programs. and then of course to engage with their stakeholders.
we projected a $5 76 million deficit. i think it's notable, to me it's notable about this table is that this is the -- this year with $129 million shortfall is really the best budget outlook we've had since fiscal 2007 and 2008. and it's -- we have climbed out of a significant hole. the mayor in december gave instructions to departments, asking them to reduce their ongoing general fund support by 3% over the next two years. so, 1-1/2% in each year. it's important to remember that 1-1/2% is only...
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Jan 28, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Jul 20, 2020
07/20
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CSPAN2
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deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was to massively cut taxes on corporations and the wealthiest people in this country, 83 percent of the benefits went to people in the top one percent of the income distribution and those who needed to help but the deficits the government ran and are running become financial surpluses in somebody else's pocket. there deficits become our surpluses. they are red ink is our black tank, the question is who's benefiting from that financial windfall. republicans are happy to run deficits because they know they create a financial sur
deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was...
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Mar 31, 2017
03/17
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CSPAN3
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trade deficits. as you know, the mission is to educate about trade policy. we couldn't be more happy than to have today's panel. we'll have a discussion and then open it up for questions. with that, peter. >> thank you very much. thank you all who successfully braved the rain today. obviously we have a very timely discussion topic today. really it is at the very heart of the debate about u.s. trade policy. we are very fortunate to have three recognized experts in trade policy, economic policy. to my left here is rob shapiro. they specialize in economic risks and economic policy. he is also at the georgetown university school of business and previously served among other things as secretary of commerce for economic affairs. she has previous experience with the imf and she also has a phd in economics from columbia. from the far left in terms of the seating is peter who is at the smith school of business. you hear about the smith effect. i don't know if he will reveal the smith effect today or not but w
trade deficits. as you know, the mission is to educate about trade policy. we couldn't be more happy than to have today's panel. we'll have a discussion and then open it up for questions. with that, peter. >> thank you very much. thank you all who successfully braved the rain today. obviously we have a very timely discussion topic today. really it is at the very heart of the debate about u.s. trade policy. we are very fortunate to have three recognized experts in trade policy, economic...
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Mar 26, 2010
03/10
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CNBC
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and it isn't the in the deficit. in historic yamranges the deficit doesn't matter. inflation's more important. it goes like this. there's a flow of funds argument, that says the deficit means the government's selling new securities and with the government sells a love new securities, if there's not enough people saving enough to buy them the rates go up. but there's another story, yesterday people in america owned almost $200 trillion worth of estimates that are already there. what really matters is the price of the assets, not the new assets, because there are probably 20 times more of them. and that's why inflation is important because inflation increases the return on real goods, like real estate and gold and commodities and draws people's portfolios toward that, forces them to sell their old bonds and drives the rates up. >> i've got a couple of charts i want to put on the screen. let's look at the deficit chart first, if we can pull that up. had is just for the last dozen or so years if we can get it up on the full screen. there you go. that starts in the late
and it isn't the in the deficit. in historic yamranges the deficit doesn't matter. inflation's more important. it goes like this. there's a flow of funds argument, that says the deficit means the government's selling new securities and with the government sells a love new securities, if there's not enough people saving enough to buy them the rates go up. but there's another story, yesterday people in america owned almost $200 trillion worth of estimates that are already there. what really...
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Jun 5, 2022
06/22
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CSPAN
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deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the marketeer. -- markets here. >> let me as an employment question and that is, we have jobs. let me mix this with, have you given an assessment. i would like an assessment of the immigration program, meaning legislation of congress that -- for ben carson, etc.. have you had that analysis -- on the comfort -- comprehensive immigration client -- plan of the inclusion of dollars to the economy and what impact unemployment negatively? >> the cdo did a fiscal analysis for the immigration division in the build back better
deficit? director swagel: the cdr analysis from april 2018 goes into the impacts of the 2017 tax act and we have increasing deficit. >> the good news is in a 2022, he spent a trillion dollar deficit down from 2.8 million in 2021. director swagel: that is correct. >> spite of the issue of inflation, which we are concerned about. i working families, we are not ignoring it. he economy is moving along? -- the economy is moving along? director swagel: job creation is very strong with the...
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Apr 14, 2013
04/13
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CSPAN
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our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit reduction that independent economists believe we need to stabilize our finances, but it does so in balanced and responsible way, a way that most americans prefer. both parties, for example, agree that the rising costs of caring for an aging generation is the single biggest driver of our long-term deficits. and the truth is for those like me who deeply believe in our social insurance programs think it's one of the core things that our government needs to do if we want to keep medicare working as well as it has, and we want to preserve th
our deficits are already falling. over the past two years, i've signed legislation that will reduce our deficits by more than $2.5 trillion, more than 2/3 of it through spending cuts, and the rest through asking the wealthiest americans to be paying their fair share. that doesn't mean we don't have more work to do, but here's how we finish the job. my budget will reduce our deficits by nearly another $2 trillion so that all told we will have surpassed the goal of $4 trillion in deficit...
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Feb 15, 2012
02/12
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CSPAN3
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revenue that is part of balanced deficit reduction. the president proposes that. >> this is the spending side of the ledger. >> and then on the spending side, i'm not sure how you are cutting it. there are $360 billion of mandatory savings and other programs. the ppcg, the federal retirement and agriculture programs. further savings there and you have debt service from bringing down the spending. >> so we net things out that is what balance sheets do. when you net it all out. not claiming credit for something somebody else did or congress and president did before, you cannot say this budget has policy changes which achieves a result that was achieved before, it's not achieved in this budget. with respect to war, we passed ed supplementals to fund wars. it's not a surprise, it's a flaw in the baseline that they assume we are going to be at a full war for ten more years. it t it -- it does not work to cut us off. please do not interrupt. we pass supplementsupplementals budget has a inceased spendi ii and of taxes and that is how you resu
revenue that is part of balanced deficit reduction. the president proposes that. >> this is the spending side of the ledger. >> and then on the spending side, i'm not sure how you are cutting it. there are $360 billion of mandatory savings and other programs. the ppcg, the federal retirement and agriculture programs. further savings there and you have debt service from bringing down the spending. >> so we net things out that is what balance sheets do. when you net it all out....
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Apr 14, 2013
04/13
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MSNBCW
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there's good deficit spending and bad deficit spending. there's deficit spending for good programs that return on investment like any business, and there's deficit spending that is wasteful that should be cut. there is a little subtlety to this that the president, as the leader of the nation, needs to explain about what we're doing and why. that's what we need to here. >> in fairness, you know, president obama the last four years is not the first major democrat on the national stage to make a big deal about deficits. this story goes back generations. we have a pretty fun video that's going to make an important point in the context to this and we'll play it as soon as we come back. 7 socks and 6 weeks of sleep but one thing you don't want to lose is any more teeth. if you wear a partial, you are almost twice as likely to lose your supporting teeth. new poligrip and polident for partials 'seal and protect' helps minimize stress, which may damage supporting teeth, by stabilizing your partial. and 'clean and protect' kills odor-causing bacteri
there's good deficit spending and bad deficit spending. there's deficit spending for good programs that return on investment like any business, and there's deficit spending that is wasteful that should be cut. there is a little subtlety to this that the president, as the leader of the nation, needs to explain about what we're doing and why. that's what we need to here. >> in fairness, you know, president obama the last four years is not the first major democrat on the national stage to...
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Jun 19, 2011
06/11
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KPIX
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we want to do deficit reduction and we have to. there's a $14 trillion deficit. we should have as a goal, as a guide post for every trillion we cut in the deficit, we should seek to create a million jobs in the short term. we could do both. economists will tell you we need to deal with deficit reduction over the next ten years but we need to deal with job creation now. >> schieffer: you're certainly talking.... >> do both. >> schieffer: you're talking about grandiose plans here when you're talking about a big new construction bill, cutting the payroll tax. i guess the question, the first question has to be how are you going to pay for any of this? >> well, you know, the bottom line is if they should be factored into the ten-year deficit reduction plan but in the immediate you need to get this economy going. we only created 54,000 jobs in may. that was a shot across the bow. the vast majority of economists including some conservative economists say if you're not going to create jobs we're never going to get out of this rut. we will never really reduce the deficit
we want to do deficit reduction and we have to. there's a $14 trillion deficit. we should have as a goal, as a guide post for every trillion we cut in the deficit, we should seek to create a million jobs in the short term. we could do both. economists will tell you we need to deal with deficit reduction over the next ten years but we need to deal with job creation now. >> schieffer: you're certainly talking.... >> do both. >> schieffer: you're talking about grandiose plans...
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Apr 11, 2013
04/13
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here are the annual deficits from 20123 20/203 as a result of this deficit reduction. as you can see, in 2012, the deficit was 7% as a percent of the economy. the budget phases in deficit reduction to support the ongoing recovery and by 2016, the deficit is below 3%. 2% at 1.7%.is below 2023, a deficit 1.7%. as a result of the deficit reduction, that as a route -- a percentage of the economy is on a declining path. decliningg -- with deficits and declining debt, the budget achieves an important milestone of fiscal responsibility and sustainability. the budget reaches this important fiscal milestone while investing in the drivers of economic growth. in doing so, it demonstrates we do not have to choose between deficit reduction and economic growth. it shows we can do both. and indeed, we must do both. the country will not prosper if we have unsustainable deficits but it also will not prosper if our infrastructure is crumbling and our workers lack the skills to compete. through paid for initiatives like pre k for all, job training, and accelerated infrastructure investme
here are the annual deficits from 20123 20/203 as a result of this deficit reduction. as you can see, in 2012, the deficit was 7% as a percent of the economy. the budget phases in deficit reduction to support the ongoing recovery and by 2016, the deficit is below 3%. 2% at 1.7%.is below 2023, a deficit 1.7%. as a result of the deficit reduction, that as a route -- a percentage of the economy is on a declining path. decliningg -- with deficits and declining debt, the budget achieves an important...
SFGTV: San Francisco Government Television
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Feb 19, 2013
02/13
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SFGTV
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we will close that deficit. and, so, that deficit will be closed. it's a cumulative amount that is reducing every year and we estimate, i think, in three years that should be cleared. the open space fund will end a year with about $3 million, 3.6 within dt. and a negative 1.1 for central shops. what that means for central shops is unless they reduce their costs, that deficit then will be built into their rates to the departments for maintenance of vehicles in next fiscal year. and then finally some of the large enterprise departments, the airport operating fund has a healthy deficit of about $82 million -- excuse me, a surplus, fund balance of $82 million. mta, 57 million, port 30, and the three funds within the puc, hetch hetchy wastewater and the water operating fund are reported here. so, in summary, the local tax revenue is a primary driver of our net good condition. the five-year financial plan and the nine-month report will further inform the mayor and the board of supervisors of any changes that are anticipated. so, as ms. howard reported, ma
we will close that deficit. and, so, that deficit will be closed. it's a cumulative amount that is reducing every year and we estimate, i think, in three years that should be cleared. the open space fund will end a year with about $3 million, 3.6 within dt. and a negative 1.1 for central shops. what that means for central shops is unless they reduce their costs, that deficit then will be built into their rates to the departments for maintenance of vehicles in next fiscal year. and then finally...
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208
Mar 9, 2015
03/15
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LINKTV
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so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my, patty. did you find all your files? patty: finally! who knew it would be this much work when richard and i decided to retire! cathy: well, what are you going to do first? patty: we're heading down to brooklyn heights and start in on that social security paperwork. cathy: why would you do that? patty: what do you mean? cathy: it's so much easier to log onto socialsecurity.gov and file online. patty: what if i need to know how much money i'll be getting? cathy: online. patty: what if our address changes? cathy: online. patty: what if i want medicare too? cathy: online. patty: so, how did
so, were the deficits hurting us? not always. had weearned to like deficits? no. but could we live with them? we learned to. for "economics u$a," i'm david schoumacher. nenberg media ♪ for information about this and other annenberg media programs call 1-800-learner and visit us at www.learner.org. ♪ meet cathy, who's lived most everywhere, from zanzibar to barclay square. but patty's only seen the sight, a girl can see from brooklyn heights, what a crazy pair! ♪ cathy: oh my,...
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Jan 23, 2011
01/11
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FOXNEWS
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>> dust off the deficit commission report, the president's deficit commission. look at some of the things we address there. first, $3 in spending cuts for every dollar in new revenue. so, it was serious when it came to cutting spending. you must do that. secondly, when it came to revenue, look at the tax code. chris, in all the time i have been in washington, we have never put the tax code on the table and said, does it still make sense, all the deduction and credits and all the tax earmarks, does it make sense, that cost us $1.1 trillion, each year, all of the tax code deduction, taking money out of the treasury, equal the personal income taxes collected in america. why don't we have that conversation? the deficit commission thinks we should and i agree. >> chris: and the deficit commission, as you say you voted for the bowles simpson plan calls for raising the retirement age far off in 2075 but you stand by and support all of that? >> some parts i of course, and i don't agree with every paragraph. i was around in 1983 when social security was facing bankruptcy
>> dust off the deficit commission report, the president's deficit commission. look at some of the things we address there. first, $3 in spending cuts for every dollar in new revenue. so, it was serious when it came to cutting spending. you must do that. secondly, when it came to revenue, look at the tax code. chris, in all the time i have been in washington, we have never put the tax code on the table and said, does it still make sense, all the deduction and credits and all the tax...
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Mar 7, 2017
03/17
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CSPAN
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eye 45
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when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data as increased u.s. export, a decrease trade deficits, and an increase in u.s. gdp growth. the u.s. uses if its leverages company world's largest market, to persuade india to reduce its notoriously and japan to, lower its not carrier barriers, we will surely sell washington apples, florida oranges, california wine, and wisconsin cheese and harley-davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase, and real wage levels rise from seattle and orlando, to sonoma and blocky. --milwaukee. what about the investment term? here
when imports exceed exports, that is a trade deficits. -- deficit. if we are able to reduce our trade deficit. -- through tough smart negotiations, we should be able to increase our growth. i will give you an example. -- suppose the u.s. negotiates bilateral trade deals with germany and mexico this year. as a key part of the term sheet, each country agrees to purchase more products from the united states ban its now purchases from the rest of the world. this would show up in the government data...
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Apr 10, 2017
04/17
by
CSPAN3
tv
eye 20
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one can say well, we have a trade deficit because we have a savings deficit. i could run causality in the other direction. if i want today debunk the trump administration that's what i would do. many wondering how is it brexit happened or trump happened. never endorsed donald trump. i want to be clear about that. i'm not here to defend his policies. i could structure an argument that would make it that work and you just heard it. if i was worried about economics profession being debunked, i would certainly make that argument. but to focus on my argument, it's also, you know, by the way true that the current account deficit, which is the trade deficit, has to equal net capital influx, and i could say because we have a current account deficit, therefore we have capital inflows or i could do the reverse and build an argument in either direction and use perfectly reasonable sounding economics to accomplish that. in my mind the trade deficit is the result of a combination of the technological forces driving globalization on the one hand and nationalism on the other
one can say well, we have a trade deficit because we have a savings deficit. i could run causality in the other direction. if i want today debunk the trump administration that's what i would do. many wondering how is it brexit happened or trump happened. never endorsed donald trump. i want to be clear about that. i'm not here to defend his policies. i could structure an argument that would make it that work and you just heard it. if i was worried about economics profession being debunked, i...
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0.0
Mar 16, 2023
03/23
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CSPAN
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had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, ye-to-year. most people looking at it look at your on your. 1.3 trillion to 1.6 trillion to 1.8? you are actually increasing the deficit by $300 billion in 2024. you are increasing the deficit. by the way, that's a massive deficit. what do you think is sparking inflation? causing the fed to cause a run on the banks? at what point do you acknowledge the harm that this massive spending deficit icausing the economy? it's not recognized in your 2024 budget. dir. young: i hope we all realize that inflation is a global phenomenon. the u.k. doesn't have t same laws as the united states and ha
had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, ye-to-year. most people looking at it look at your on your....
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25
Jan 4, 2018
01/18
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CSPAN
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eye 25
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so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac, t.a.r.p., things like that. so what does this mean debt to gdp? well, i mentioned to you before that debt to gdp is already higher than any other time since world war ii, already about twice its historic average. and even prior to the tax cuts, debt to gdp was rising from 77% of gdp today to 91% after a decade. that might not sound like a lot to you, but it sure sounds like a lot to me. that's really what would be unprecedented to start with to , have a debt already so high and continue to rise. as a result of this tax cut bill alone, debt is likely to rise to 96% of gdp. if
so, to trillion dollar deficit. that's where were headed. 2 trillion deficit. that's where were headed. -- we are headed. under something very close to current law, by the end of the month, we'll be headed to trillion dollar deficits next year and $2 trillion deficits within a decade. that's not something we've faced before. as i said, the highest was $1.4 trillion in the heat of the great recession and a lot of that was one-time payments weise we actually recouped. fannie mae, freddie mac,...
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95
Feb 17, 2012
02/12
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CSPAN3
tv
eye 95
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as you can see in 2022, deficit. from the president's policies are below 3% of gdp, compared to 4.7% in the baseline. furthermore, debt as a percent of the baseline is stabilized from 2018 on. the president's budget replaces the sequester with a balanced approach to deficit reduction, with $2.50 in spending cuts for every dollar of revenue increases.budget we have made tough choices and we all need to work together toe maintain this balanced approach. in closing, as a business glo person, and now omb acting director i believe the president's budget makes the right investments to make us mak more competitive in the global marketplace. and achieving declining deficits is critical. this is good for business, good for the middle class and good >> for america. i would be happy to take a question. >> thank you, mr. zients. thans we will do great if our answers are not so long. th and we do not filibuster here iw the house. i think they are going to bringt me a powerpoint in a second here. that is fast.om thanks. so, let's
as you can see in 2022, deficit. from the president's policies are below 3% of gdp, compared to 4.7% in the baseline. furthermore, debt as a percent of the baseline is stabilized from 2018 on. the president's budget replaces the sequester with a balanced approach to deficit reduction, with $2.50 in spending cuts for every dollar of revenue increases.budget we have made tough choices and we all need to work together toe maintain this balanced approach. in closing, as a business glo person, and...